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Tellurian (New York stock market :SAY) Executive Chairman Charif Souki transferred and sold about $25.3 million of company stock he owned over the past month to cover a loan, Reuters reported on Thursday.
Souki had pledged 25 million shares – more than half of his holdings in the company – as collateral for a 2017 loan for real estate investments, according to the reportwhich cited SEC filings in February and March.
The transfers took place in the days leading up to Tellurian’s (SAY) the deal to sell $12 billion in liquefied natural gas to commodities trader Gunvor was due to expire on Feb. 28.
Tellurian (SAY) and Gunvor have already extended the agreement twice – from the end of December to the end of January. then from late January to late February – but neither company has commented on the status of the contract.
Tellurian (SAY) has proposed $13.5 billion Driftwood LNG is in the early stages of construction, but the company has not made a final investment decision to start major works or aligned financing for the project.